65. Charlie, Dora, and Ethel are the first directors on the board of Face Time Corporation, a social media host. Subsequent directors are elected by a majority vote of Face Time's

shareholders.

users.

officers.

employees.

66. Security Insurance, Inc., has a board of five directors. Security's bylaws do not state any quorum requirements. In most states, a quorum for Security's board meetings would be

four directors.

all of the directors.

three directors.

one director.

67. Ron is a director of Start-Up Inc. He is also a chief corporate officer in the firm and receives compensation for both positions. He is:

in violation of the law.

an inside director.

a well-rounded participant.

an outside director.

68. Nora is a director of Outback Outfitters, Inc. Under the standard of due care owed by directors of a corporation, Nora's decisions must be informed and

perfect.

made after reasonable investigation.

indefensible.

unquestionable.

69. Shauna is an officer for Tropical Shirts Corporation. Due to a bad choice of shirt-maker on Shauna's part, the company's costs increase. Shauna is most likely liable for breach of

the duty of care.

the duty of loyalty.

none of the choices.

the business judgment rule.

70. Daryl, Elsa, and Ferris are the directors of Go Apps, Inc. Go also has four officers and fourteen shareholders. Dividends can be ordered by the firm's

majority shareholders.

board.

officers.

minority shareholders.

71. A merger involves the division of a corporation into two or more corporations.

True

False

72. In a consolidation, two or more corporations combine in such a way that only one corporation continues to exist.

False

True